Home PageServicesClientsNewsContact Us

Monday 30 April 2012

Moore Stephens welcomes change of heart on tonnage tax trap

International accountant and shipping adviser Moore Stephens has welcomed the UK government’s decision to minimise the effect of new rules in Finance Bill 2012 which resulted in a potentially serious trap for existing UK shipowners entering tonnage tax.

Finance Bill 2012 originally extended some anti-avoidance rules relating to leasing companies, so that they applied to existing UK shipowning companies chartering out ships which enter UK tonnage tax. But the rules have now been changed following representations made by Moore Stephens and by other shipping industry representatives.

Moore Stephens tax partner Sue Bill says, “The rules apply where, very broadly, at least half the value of the company’s plant and machinery is chartered out or at least half its income in the previous twelve months is from the chartering out of plant and machinery, including ships, even where the chartering is to another group company.

“As originally drafted, the proposed new rules could have applied where a UK shipowning company in a tonnage tax group entered tonnage tax because it started to carry on activities which qualified for tonnage tax, for example because it owned a vessel which ceased to be chartered out on a long-term bareboat charter, or a vessel that started to be used ‘at sea’, or because the company’s ships started to be strategically and commercially managed in the UK. The rules also applied in some circumstances where a company was acquired by a UK tonnage tax group.

“Broadly speaking, if the rules apply, the company will be taxed on an amount equal to the excess of the net book value of its assets over their tax written-down value. It may be possible to reduce this taxable income using tax losses and/or capital allowances. Clearly, this could result in a very large tax liability. Once the company has gone into tonnage tax, the normal transitional rules will apply whereby a balancing charge can arise if any vessels held on entry into tonnage tax are sold within seven years. This could mean there is effectively a double charge to tax.

“The rules have now been amended so that they apply only where there is a change in ownership of the company chartering out plant and machinery. They will still apply where a company leasing out plant and machinery becomes a member of a UK tonnage tax group, whether or not the company goes into tonnage tax at the same time. A company will become a member of a UK tonnage tax group if, broadly speaking, it comes under common control with companies in a UK tonnage tax group."

Although the effect of the new rules has been significantly reduced, care will need to be taken where a company comes under common control with companies in a UK tonnage tax group.

Sue Bill concludes, “It was unfortunate that the Finance Bill 2012 originally introduced legislation which posed a potentially serious threat for some UK shipowners going into tonnage tax. The government has however listened to representations and acted quickly to minimise the effect of the proposed new rules. This seems to be a sign of the UK government’s commitment to ensuring as far as possible the stability of the UK tonnage tax regime.”

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting associations, with 636 offices of independent member firms in 100 countries, employing 21,197 people and generating revenues in 2011 of $2.3 billion. www.moorestephens.co.uk

For more information:
Sue Bill, Moore Stephens LLP
Tel: +44 (0)20 7334 9191
email: sue.bill@moorestephens.com

Labels: , , ,

Friday 27 April 2012

RINA launches seven step fuel saving services


International classification society RINA has launched a co-ordinated range of services to help shipowners save fuel and reduce emissions. There are seven different elements to the services which can be adopted individually or as a complete package.

The seven services are: auditing to ISO14001 Environmental Management certification; auditing for ISO50001 Energy Management Certification; development of the SEEMP (Ship Energy Efficiency Management Plan); EEDI verification; Energy Saving and Energy Conservation Analysis; Fuel Consumption Data Analysis and Decision Support Solutions and tailored energy saving training courses.

Andrea Cogliolo, head of innovation, RINA Group, says, “All shipowners need some form of assistance and support to cut energy costs. We have a lot of experience working with major passenger ship owners and others to devise energy saving measures, and we know how to implement the ones that work best. Owners can use our services at the level appropriate to them, from simple compliance through to a major re-engineering of how they use energy on ship and ashore. The training complements all that, by ensuring that the people who have to make it all work know what they are doing, and why.”

RINA’s auditing services to ISO14001 and 50001 help owners to structure their companies to manage energy efficiently overall. The SEEMP development and implementation and the EEDI verification are aimed at both compliance with IMO requirements and helping to ensure that the compliance results in savings rather than being a cost.

 RINA’s Energy Saving and Energy Conservation Analysis is built on an analysis of the vessel’s parameters and a survey visit in service to see how energy is used and what the level of awareness of the crew is towards energy saving. RINA can then recommend changes to procedures or equipment and train the crews to implement them.

 RINA’s Fuel Consumption Data Analysis and Decision Support Solutions service goes further and is based on monitoring of the vessel’s fuel consumption in service and a full analysis of how savings can be made.

“What we have found in practice is that the human factor is very important,” says Cogliolo. “You can build in a lot of fuel saving devices but if the crew are not trained and motivated to run the ship efficiently then nothing helps. That is why we see our seventh step, fuel saving training, as a key part of these services to help save fuel.”

 The RINA Group is an international company that helps enterprises and communities to achieve greater competitiveness and effective risk management through the conception, creation, management and assessment of projects. The Group has developed the best competencies and combined them with its own values of integrity and responsibility, gained in over 150 years of experience, into a way of working that meets the highest expectations.  RINA Group delivers advanced technical competency through a network of companies dedicated to different sectors covering Environment and Quality, Energy, Maritime, Ethics and Safety, Food Production and Healthcare, Infrastructures and Constructions, Logistics and Transport. With a turnover of around 300 million Euros in 2012, over 2,100 employees, and 130 offices in 42 countries worldwide, RINA meets the needs of its clients and is recognized as an authoritative member of key international organizations and an important contributor to the development of new legislative standards. www.rina.org 


For more information:

Claudia Filippone

Head of Media Relations RINA

+39 010 5385643

claudia.filippone@rina.org

 Giulia Faravelli

Media Relations

+39 010 5385505

giulia.faravelli@rina.org


Thursday 26 April 2012

Keeping up with the Jones Act

There was an interesting piece in Lloyd's List today in defence of the Jones Act. Coincidentally, the shipping team at Moore Stephens has also been writing on the same subject recently, in the Devils Dictionary slot in its Bottom Line newsletter.

It says, " The Jones Act has always been a hot potato.  In 1954, the Mills Brothers had a hit single with ‘The Whole Town’s Talking About the Jones Act’ which was only prevented from reaching number one by the Stargazers’ version of I See the Moon (the Moon Sees Me).  Today, Jones is a cold potato because people have more important things to worry about.  

"Under the Jones Act, cabotage is all one-way, unlike in Europe.  The Americans do have a better currency and nicer weather, however.  Jones also provides welfare benefits for US seafarers, who are allowed to claim damages if they spend at least 30 per cent of their time working on US ships.  If they are injured as well, they can claim much more.  A whole community of Jones Act lawyers has grown up over the years, with one leading attorney exhorting seafarers via his website, 'Don’t try to hide prior injuries or fudge'.

"Critics of Jones claim that it prices US shipbuilders out of the international market.  The same critics, or perhaps some different ones, say it hinders free trade and is particularly hard on Hawaii.  Hawaii is the only US state made up of a mixture of islands and vowels which does not observe daylight saving, the other being Arizona.   

Labels: , ,

Friday 20 April 2012

London P&I Club issues warning on manhole gasket and bilge pump shortcomings



THE London P&I Club has reported a growing incidence of shortcomings with regard to the condition of manhole cover gaskets on board ships.

In the latest issue of its StopLoss Bulletin, the club says that feedback from its Ship Inspection Programme indicates that an increasing number of inspectors are reporting issues in this respect.

The club says it is standard practice for enclosed onboard spaces such as ballast tanks, cofferdams and void spaces to be inspected as part of a prescribed schedule to ensure that the structural condition of the ship in such difficult-to-reach locations remains acceptable. During such inspections, the condition of coatings, sounding pipes, striker plates and other structures within the tanks is usually documented, but the club says that P&I inspections have revealed that the condition of the gaskets at the manhole entrance to tanks is sometimes inadvertently overlooked.

Pointing out the potential adverse consequences for safety, stability and costly cargo damage claims resulting from the ingress of water into cargo holds, the club says, “Owners must ensure that gaskets and associated securing arrangements are considered part of routine tank inspections. Whenever manhole covers are removed, crew should check that they are replaced correctly with gaskets in good condition and tested for integrity where possible.”


Elsewhere in StopLoss, the club says that the ingress of water into cargo holds through bilge pumping systems continues to be a factor in a number of claims. Emphasising that claims of this nature are easily avoided if the crew follow standard practice with regard to the testing and maintenance of bilge systems, the club concludes, “It is good practice for all non-return valves within the bilge system to be overhauled regularly.”

www.londonpandi.com

Labels: , , , ,

Thursday 19 April 2012

Shipping not properly prepared for uncomfortable bank meetings

INTERNATIONAL accountant and shipping adviser Moore Stephens has warned that some shipping companies are not adequately prepared to conduct successful negotiations with their banks which are likely to occur with increasing frequency.

Paul Edwards, a Moore Stephens corporate finance director, says, “Shipping is experiencing tough times. An increasing number of companies are unable to repay or, in some cases, even service their debts. That could mean an uncomfortable meeting with the bank. But too many companies are not properly prepared for such an encounter.

“Businesses must be able to produce properly documented and timely financial information for their stakeholders, which should include a view of the future. In good times, when charter rates exceeded operating expenses, little attention needed to be paid to future cash flows and debt service. But today, it is essential to be able to anticipate, to the extent that it is possible, future cash flows and pinch points.

“It is essential to provide banks with detailed information in the event that it becomes clear that a company may default on the terms of a loan. It is better still if this can be done before any covenants are breached or payments missed. In these difficult times, the key is for businesses to help banks to help them, by anticipating defaults or breaches and presenting a solution, rather than waiting for the default. This cannot be achieved without a proper financial model.

“Clearly, a model is not a panacea for difficult trading conditions, but working with a bank to present its credit committee with a potential solution, rather than with a problem, is more likely to engender a positive attitude to any restructuring.”

Financial modelling is a key component of any renegotiation of facilities. A viable model, typically including integrated balance sheet, profit and loss account and cash flow statement, can help to support a restructuring proposal, by demonstrating the impact of changes on future cash flow. Paul Edwards says, “Financial modelling doesn’t change the economic fundamentals of a business. But it is a tool with which to identify ways to manage the impact of a volatile market. A good quality financial model is also an invaluable, ongoing management tool. It can be used to make longer-term strategic decisions and to determine the nature and structure of future investments and the potential returns on investment.”

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting associations, with 636 offices of independent member firms in 100 countries, employing 21,197 people and generating revenues in 2011 of $2.3 billion.
www.moorestephens.co.uk

Labels: , , ,

RINA acquisitions fuel growth

International verification, certification and ship classification group RINA continued to grow in 2011 as it embarked on an acquisition strategy. Turnover for 2011 was up to 249 million Euros (+21 per cent) and EBITDA 41 million Euros. Turnover is expected to rise to over 300 million Euros in 2012 following major acquisitions late in 2011.

“2011 was a memorable year for RINA. We celebrated our 150th anniversary by transforming the company. Internally we swept away old divisions and created a flexible matrix structure which frees up innovation and enables us to make the best use of our talents while improving customer service. Externally we began a major programme of acquisitions which enhanced our competences and increased our size by over half. We focussed our investments and growth on growing economies, strongly increasing our footprint in Asia. And we made sure the transformation is solidly based by trimming costs and sharpening our business processes,” says Chairman and CEO Ugo Salerno. “Our acquisition programme widens both our skill base and our geographical outreach. Among four companies brought into the RINA Group in 2012 the two key acquisitions were SIMTEX Srl, the leading private Romanian certification body for corporate management systems and products and D’Appolonia Group, a global engineering consultancy company.

“SIMTEX gives us a strong platform for growth in the expanding economies of Eastern Europe. D’Appolonia’s 600 highly skilled staff will boost our turnover by fifty per cent and bring us a new network of global offices and clients and expertise in strategic consultancy, earth sciences, civil, environmental and structural engineering, risk assessment, health and safety, chemical and process engineering, system and transport engineering, electronics, telecommunications and innovation engineering.

“Diversification in 2011 saw us providing our first certification in the fishing and seafood areas, including the Alaskan salmon fisheries. We delivered the world’s largest transhipment terminal to Vale, in record time and on budget. We grew into aerospace and launched new environmental tools and services. Our power generation teams delivered projects on time in a number of countries. We built our gas business internationally as we became recognised as a centre of LNG and CNG handling expertise. And we substantially increased our R&D efforts, moving beyond our traditional marine field.”

RINA’s environmental business surged 200 per cent in 2011, certification outside Italy was up 30 per cent and RINA increased market share in almost all sectors. Against a background of a globally difficult market for shipowners and shipyards marine services continued to be the largest contributor to RINA’s turnover in 2011. The classed fleet grew by 8.5 per cent to 4,375 ships totalling 33m gt and despite the slowdown in global ordering RINA closed the year with a strong order book of 425 ships totalling 3.3m gt building to RINA class.

The strong results in the marine sector were achieved by expanding into new areas and increasing services to shipowners. Asia showed especially strong growth with the classed fleet of vessels owned in Asia increasing by 25 per cent.


The RINA Group is an international company that helps enterprises and communities to achieve greater competitiveness and effective risk management through the conception, creation, management and assessment of projects. The Group has developed the best competencies and combined them with its own values of integrity and responsibility, gained in over 150 years of experience, into a way of working that meets the highest expectations. RINA Group delivers advanced technical competency through a network of companies dedicated to different sectors covering Environment and Quality, Energy, Maritime, Ethics and Safety, Food Production and Healthcare, Infrastructures and Constructions, Logistics and Transport. With a turnover of around 300 million Euros in 2012, over 2,100 employees, and 130 offices in 42 countries worldwide, RINA meets the needs of its clients and is recognized as an authoritative member of key international organizations and an important contributor to the development of new legislative standards. www.rina.org


For more information:

Claudia Filippone
Head of Media Relations RINA
+39 010 5385643
claudia.filippone@rina.org

Giulia Faravelli
Media Relations
+39 010 5385505
giulia.faravelli@rina.org

Labels: ,

Wednesday 18 April 2012

Liberia the main beneficiary as Greek controlled fleet hits record deadweight levels

The Greek Shipping Co-operation Committee (GSCC) has confirmed that Liberia is the leading independent ship register of choice for Greek-controlled shipping companies, second only to the Greek flag itself.

Figures just released by the GSCC show that, in the year ended 31 March, 2012, Liberia experienced a net increase of 38 Greek-controlled ships aggregating 4.63m dwt – comfortably more than twice the number of vessels secured by any other ship registry. In the same twelve-month period, Panama and Cyprus, respectively, lost 33 and 25 Greek-controlled ships. In deadweight terms, seventeen per cent of Greek-controlled ships are now registered with Liberia, compared to 22 per cent flying the Greek flag.

Although the Greek-controlled fleet decreased in terms of ship numbers in the year under review from 3,848 to 3,760 vessels, the GSCC says that gross tonnage rose from 153.13m gt to 155.90m gt, while, in deadweight terms, the increase was from 261.68m dwt to 264.05m dwt, a new record in the 25 years since the GSCC first published statistics. The latest figures include 437 newbuildings, aggregating more than 25m dwt, on order with shipyards around the world.

Scott Bergeron, CEO of the Liberian International Ship & Corporate Registry (LISCR), the US-based manager of the Liberian Registry, says, “Greece is one of a number of countries in which Liberia is now the fastest-growing fleet. Liberia and Greece share a strong maritime history of co-operation and success dating back to the birth of the Liberian Registry. It is very gratifying to know that, more than sixty years on, Greek owners still value the efficiency, safety and responsiveness of the Liberian flag so highly.”

The Liberian Registry is one of the world’s largest and most active shipping registers, with a long-established track record of combining the highest standards for vessels and crews with the highest standards of responsive service to owners. The latest annual Shipping Industry Flag State Performance Table published by the International Chamber of Shipping and the International Shipping Federation awarded Liberia positive performance indicators in every category covered by the report - port state control, ratification of major international maritime treaties, use of compliant recognised organisations, age of fleet, reporting requirements, and attendance at IMO meetings. Liberia features on the White List of all Port State Control Memorandums of Understanding, worldwide, and is included in the US Coast Guard’s QUALSHIP (Quality Shipping for the 21st Century) programme, to which only a small percentage of foreign-flag ships calling at US ports are admitted, based on the excellence of their port state control record.
www.liscr.com

Labels: , , ,

Tuesday 17 April 2012

Exclusion clauses for the devil

The insurance team at international accountant Moore Stephens knows the industry lexicon inside-out. But it still likes to put its own spin on established terminology, witness the latest entry in its Devils Dictionary of insurance terms.

Moore Stephens says the celebrated case of Macduff v The Rest is the best-known example of how the exclusion clause in insurance policies works. Macduff was a soldier accused of burning down an army camp in Scotland by falling asleep in bed with a lighted cigarette after a night of heavy drinking. His counsel argued that the bed was already alight when Macduff got into it. Alternatively, it was claimed that he had fainites at the time of lying down. Because fainites were not specifically excluded under the policy, insurers failed in their claim. The judgment is widely referred to as ‘the Scottish case’, rather than by its proper name.

Since Macduff, insurers have tightened up on the wordings of their exclusion clauses. Typical examples of this include the now-standard clause in motor insurance policies denying liability if the insured driver is taller than Charlie Drake or has not paid his milk bill.

There are a number of questions that underwriters will insist on when drafting an exclusion clause. Is the clause likely to exempt all claims under the policy apart from certain meteorite-related incidents? Is it ambiguous? Does the insured smoke in bed? Who is Sylvia?

Experience shows that it pays for an insurer to repeatedly change its corporate identity from a trusted household name to an aphorism, or sometimes a verb. It also shows that most insurance claims can be avoided by excluding incidents likely to give rise to claims.

If in doubt, leave it out.

www.moorestephens.co.uk

Labels: , , ,

Friday 13 April 2012

ITIC says shipbrokers must protect commission entitlement

International Transport Intermediaries Club (ITIC) says the current global economic downturn means that shipbrokers will have to be particularly careful to ensure that their entitlement to commission is properly protected.

In the latest issue of its Claims Review, ITIC cites the case of a Norwegian broker which made a claim against its principal for the commission on two newbuildings. The broker, which was appointed by the principal on an ‘exclusive’ basis, introduced the principal to a shipyard. The principal, however, completed the contract directly. The principal refused to pay commission and the broker sued. The broker’s claim was rejected by the trial court but the claim was successful on appeal.

The member obtained almost $690,000 from the principal. Furthermore, the payment appeared to be just in time because, shortly thereafter, the principal went into liquidation. Some time later, the broker received an approach from the liquidators demanding repayment of the money. The relevant provisions of Norwegian law stipulate that a payment rendered by an insolvent company may be voided if made within a three-month period of the company going into liquidation. But the rule is not absolute, because payments will only be reclaimable if they have materially worsened the company’s payment capacity and are not ‘ordinary’ commercial transactions.

The broker rejected the demand and the liquidators issued proceedings to recover the money. Faced by a strong legal defence, the liquidator eventually dropped the case. The result was that the broker, having first sued for its commission and then sued again for its return, was finally able to keep the money.

Elsewhere in its Claims Review, ITIC highlights the case of a shipbroker which fixed a bulk carrier for a time charter of 90 days. The first voyage was via a port in Thailand, where cargo was loaded for discharge in Africa. Unfortunately, during the outward passage, the ship collided with a tanker. Although there was no serious damage, the bulk carrier was arrested by the local authorities - and was not released until two months later – because the tanker hit and damaged a dolphin which formed part of the port structure.

The charterers elected to exercise their charter party option to cancel if the ship had been off hire for 30 consecutive days, and cancelled the remainder of the charter party. The shipbroker looked to recover from ITIC under its loss of commission cover, and was fully reimbursed in respect of almost 47 days of hire, in addition to a consideration reflecting the vessel’s nomination, prior to arrest, to perform a further voyage with another cargo.

Copies of the ITIC Claims Review can be requested from:
chris@merlinco.com

ITIC is managed by Thomas Miller. More details about the club and the services it offers can be found on ITIC’s website at
www.itic-insure.com

For more information:
Charlotte Kirk
ITIC
Tel. +44 (0)20 7338 0150
Fax. +44 (0)20 7338 0151
charlotte.kirk@itic.com

Labels: , , , ,

Bureau Veritas and Securymind anti-piracy initiative

Leading international classification society Bureau Veritas has joined forces with French maritime security consultants Securymind to provide an auditing and verification service for companies providing armed guards to protect ships against piracy.

Security companies offering services to shipping will be audited against the requirements set down by the “Scheme for Quality Management Systems of Private Maritime Security Companies” established by Bureau Veritas and Securymind. The scheme is based on IMO guidance set out in MSC1405 “Revised Interim Guidance To Shipowners, Ship Operators, and Shipmasters on the Use of Privately Contracted Armed Security Personnel on Board Ships in The High Risk Area”.

Security companies which meet these standards will be issued with an attestation by Bureau Veritas and will be listed in the BV Register of Private Maritime Security Companies.

Roberto Nahon, Head of Systems Certification and Training Department, Bureau Veritas, says, “Shipowners have experienced that armed guards are an effective deterrent to pirate attack. However there are very many international security companies offering these guards, and not all of them can be relied on to meet the right internationally agreed standards. That is why Bureau Veritas has put its auditing and maritime experience together with the security experience of Securymind to provide a service which will help owners to identify and choose
from reliable and bona-fide security firms when selecting who will guard their ships.”

Securymind is a consultancy company specialised in security engineering, dedicated to the protection of people, assets and projects. Founded by Luc Alloin, former superior officer of the Marine Special Forces, Securymind also employs a former chief of the Special Command Forces, the Admiral (2S) Pierre Martinez. Specialized in big projects in security, in particular those in the maritime domain, Securymind is one of the very few security organizations (RSO) recognized by the French Administration. http://www.securymind.com/


Bureau Veritas is a world leader in conformity assessment and certification services. Created in 1828, the Group has close to 50,000 employees in 930 offices and 330 laboratories located in 140 countries. Bureau Veritas helps its clients to improve their performances by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.

http://www.bureauveritas.com/
for corporate information

http://www.veristar.com/
for marine information


For more information:
Roberto Nahon
Bureau Veritas
+33 1 55 24 72 66
mailto:paulhan@crisis24.com

Pierre
Martinez
SECURYMIND
+33 (0)1 44 51 79 45
mailto:paulhan@crisis24.com

Labels: ,

Tuesday 10 April 2012

Moore Stephens says some insurance firms will not survive RDR implementation

Leading insurance accountant and consultant, Moore Stephens, has warned that some firms in the insurance industry may not be able to survive once the FSA’s new Retail Distribution Review (RDR) rules come into effect on 31 December, 2012.

RDR has been described as the biggest shake-up of the distribution landscape since commission disclosure was introduced in 1988. It will affect all businesses operating in the insurance industry which have direct contact with retail clients, or which use financial advisers to distribute their products. And it will introduce new rules under which independent financial advisers will no longer be able to receive commission from the provider of an investment-backed product, but will instead have to agree an upfront fee with the customer. In the insurance industry, this might typically include life assurance policies.

Rupert Findlay, a compliance consultant with Moore Stephens, says, “Agreeing such a fee may prove to be difficult, given that it has been estimated that roughly two-thirds of UK consumers believe that financial advice is free. Firms which haven’t already created an operational charging structure will need to decide quickly which proposition they will be offering their clients. Advisers will have to disclose details of their charges. Over the past couple of years, a number of firms have tried out a variety of charging models, with fixed fees, hourly rates and/or percentage of funds invested all being used to compensate for loss of commission.”

RDR is also designed to raise professional standards. Advisers will have to attain a QCF Level 4 qualification – one level above the well-known FPC exam – and hold a Statement of Professional Standing, issued by an approved accredited body. To meet the December 2012 deadline, advisers must submit all relevant information and evidence by October 2012.

Rupert Findlay says, “Firms should therefore have chosen their accredited body of choice and be starting to compile the necessary qualification information from their advisers. The new rules send a signal to brokers and others to look closely at their levels of qualification and professionalism.

“There is a risk that some firms will not be able to survive under the new rules. However, RDR can also create opportunities for firms, as distribution channels will be refined and direct customer contact may increase.”

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting networks, with 636 offices of independent member firms in 100 countries, employing 21,197 people and generating revenues in 2011 of $2.3 billion.
www.moorestephens.co.uk

For more information:
Rupert Findlay,
Moore Stephens LLP
Tel: +44 (0)20 7334 9191
rupert.findlay@moorestephens.com

Labels: , ,

RINA to audit Clean Shipping Index ships and companies

International classification society RINA has been recognised by Sweden’s Clean Shipping Project as able to verify ships and shipping companies in accordance with verification guidelines developed for ranking in the Clean Shipping Index.

The Clean Shipping Index is backed by a number of Swedish bodies, many of Sweden’s largest cargo shippers, and the EU. It is an index taking a holistic perspective on the environmental issues of shipping. It takes into account the environmental effects connected to shipping, such as emissions to air and water, and the use of chemicals and antifouling, and ranks vessels or shipping companies according to their performance under each criteria. It is aimed at giving charterers a clearer view of the environmental performance of shipping providers.

The standard is fully aligned with the RINA Green Plus notation, a goal-based scheme aimed at certifying the environmental index of ships, and it clearly rewards those operators who invest strongly in environmental sustainability.

Pino Spadafora, RINA Group Area Manager for Baltic, Benelux and Scandinavia, says,“This recognition by the CSI is important for two reasons. It recognises RINA’s commitment to - and expertise in - environmental assessment, and it is another part of our expansion in this region.”

In recent months RINA has been recognised by the Norwegian Maritime Directorate as able to carry out statutory certification services on its behalf on Norwegian vessels, and also by the Polish and Faroe Islands’ administrations for similar authorisations.

“We are seeing Scandinavian owners increasingly recognising and valuing our environmental commitment and our special service,” says Spadafora. “For example, Dannebrog Rederi, a well-known Danish shipowner, has recently moved two chemical tankers to RINA class, building on good experience with RINA classing several of its dry cargo vessels. With our extensive experience with all types of vessels and our strategy of focusing on the environment, we make good partners for Scandinavian companies, which tend to have a strong green commitment themselves.” ·

The RINA Group is an international company that helps enterprises and communities to achieve greater competitiveness and effective risk management through the conception, creation, management and assessment of projects. The Group has developed the best competencies and combined them with its own values of integrity and responsibility, gained in over 150 years of experience, into a way of working that meets the highest expectations. RINA Group delivers advanced technical competency through a network of companies dedicated to different sectors covering Environment and Quality, Energy, Maritime, Ethics and Safety, Food Production and Healthcare, Infrastructures and Constructions, Logistics and Transport. With a turnover of around 300 million Euros, over 2,100 employees, and 130 offices in 42 countries worldwide, RINA meets the needs of its clients and is recognized as an authoritative member of key international organizations and an important contributor to the development of new legislative standards. www.rina.org

For more information:Claudia Filippone
Head of Media Relations
RINA
+39 010 5385643
cfp@rina.org

Giulia Faravelli
Media Relations
+39 010 5385505
giulia.faravelli@rina.org

Labels: ,

Wednesday 4 April 2012

Gary Oliver joins Moore Stephens

Internal audit specialist Gary Oliver has joined insurance accountant Moore Stephens, to boost its governance, risk and assurance capability.

Gary Oliver is well-known in the London market, providing governance, risk and assurance services and acting as head of internal audit to a range of clients including Lloyd’s agencies and syndicates, insurers and reinsurers. He joins Moore Stephens from Mazars and has strong commercial experience, having been Risk Management and Compliance Director at Ark Syndicate Management and Group Head of Internal Audit at Wellington Underwriting.

Simon Gallagher, head of Moore Stephens’ insurance practice, says Moore Stephens is delighted to have recruited Gary Oliver. “We are seeing substantial demand for our services and expertise, which we foresee continuing as the regulatory regime tightens,” he explains. “We are actively developing our internal audit portfolio, providing not only both co-sourced and outsourced support, but also delivering individual assignments such as governance strategies, compliance gap analyses, board effectiveness reviews and data quality audits. Gary’s recruitment will further enhance our expertise in this area.”

Gary Oliver says, “I am very excited to have joined Moore Stephens at a time of increasing regulatory pressure and the need for robust corporate governance in the insurance industry. Moore Stephens has an outstanding reputation as a leading insurance industry adviser with a team of committed and skilled professionals. I am looking forward to sharing in the firm’s future success.”

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting networks, with 636 offices of independent member firms in 100 countries, employing 21,197 people and generating revenues in 2011 of $2.3 billion.
www.moorestephens.co.uk

For more information:
Simon Gallagher, Moore Stephens LLP
Tel: +44 (0)20 7334 9191
email:
simon.gallagher@moorestephens.com

Labels: , , , ,


Search all news items





Home | Services | Clients | News | Contact
Copyright © Merlin Corporate Communications.